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Electrolux Interim Report Q2 2016 - Presentation

Highlights of the second quarter of 2016
Net sales amounted to SEK 29,983m (31,355).
Organic sales declined by -0.9%, acquired growth was 0.1% and currency translation had a negative impact of -3.6% on net sales.
Improved results across most business areas.
Four of six business areas achieved an operating margin above 6%.
Operating income increased to SEK 1,564m (921), corresponding to a margin of 5.2% (2.9).
Strong operating cash flow after investments of SEK 4.1bn (2.9).
Income for the period was SEK 1,079m (608), and earnings per share was SEK 3.75 (2.12).

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Electrolux Interim Report Q2 2016 - Presentation

  1. 1. Q2-16 Results Jonas Samuelson, President and CEO Anna Ohlsson-Leijon, CFO
  2. 2. (SEKm) Q2 2016 Q2 2015 Change % Sales 28,983 31,355 -4.4 Organic growth -0.9% Acquired growth 0.1% Currency -3.6% EBIT 1,564 921 69.8 Margin % 5.2 2.9 EPS 3.75 2.12 76.9 Q2 Highlights • Improvement in most business areas – Portfolio management and pricing contributed to higher margin – Market share gain in Europe – Latin America declined due to weak markets • EBIT increased to SEK 1,564m – 4 of 6 business areas at or above the 6% EBIT-margin target – Price/mix contribution – Material cost savings and efficiency gains • Strong cash flow generation 2 EBIT* %, 12m rolling 0 1 2 3 4 5 6 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 ELECTROLUX Q2 2016 PRESENTATION * EBIT excludes material profit and loss items and costs related to GE Appliances
  3. 3. Market Highlights • The new Electrolux laundry collection launched in North America – First-ever Electrolux washer with SmartBoost™ technology – Innovations for best-in-class cleaning performance and clothes care • Launch of UltraSilencer Zen: world’s most silent vacuum cleaner – Excellent cleaning performance with minimum noise disturbance – Made from 55% recycled plastic • Acquisition of Vintec in Australia – Leading wine cabinet company in Asia/Pacific – Strategic fit with strong synergies to the Group’s core business 3 ELECTROLUX Q2 2016 PRESENTATION
  4. 4. Sales in Local Currencies 90,000 95,000 100,000 105,000 110,000 115,000 120,000 125,000 -6% -4% -2% 0% 2% 4% 6% 8% 2011 2012 2013 2014 2015 2016 Sales SEKmGrowth % Organic growth % Acquired growth % Sales in local currencies, 12M rolling 4 ELECTROLUX Q2 2016 PRESENTATION
  5. 5. Major Appliances EMEA • Continued earnings improvement – Strong organic growth of 5.2% – Positive demand for appliances in most European markets – Gained market share – Higher volumes and positive mix driven by both built-in kitchen and laundry – EBIT margin above 6% in the quarter and the last 12 months, due to positive organic contribution and cost efficiency 5 (SEKm) Q2 2016 Q2 2015 Change % Sales 8,897 8,699 2.3 Organic growth 5.2% Currency -2.9% EBIT 567 426 33.1 Margin % 6.4 4.9 1.5 0 2 4 6 8 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 EBIT %, 12m rolling ELECTROLUX Q2 2016 PRESENTATION
  6. 6. European White Goods Market Total Europe, quarterly comparison y-o-y -20% -15% -10% -5% 0% 5% 10% 6 2007 2008 2009 2010 2011 2012 2013 W. Eur. +1 +1 -1 -5 -4 -4 -5 -8 -9 -9 -4 -2 +1 0 0 0 -2 -2 -3 -3 -2 -4 -2 -2 -3 0 -1 -1 +2 +1 +1 +3 +4 +4 +5 +3 +3% 5% E. Eur. +14 +5 +5 +10 +6 +5 +4 -15 -31 -30 -26 -17 -7 +1 +5 +13 +13 +12 +7 +9 +5 +3 +2 +2 +3 +2 +1 -2 +4 +1 -4 +1 -10 -23 -15 -24 0 4% 2014 2015 ELECTROLUX Q2 2016 PRESENTATION 2016
  7. 7. Major Appliances North America • Focus on profitability – Sales growth in our branded business – Price pressure in some segments – Cooking plant in Memphis stabilizing with efficiency gains underway – Positive earnings trend driven by focus on price/promotion management, product cost and efficiency 7 (SEKm) Q2 2016 Q2 2015 Change % Sales 11,450 11,717 -2.3 Organic growth -1.5% Currency -0.8% EBIT 742 401 85.0 Margin % 6.5 3.4 3.1 0 2 4 6 8 10 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 EBIT* %, 12m rolling ELECTROLUX Q2 2016 PRESENTATION * EBIT excludes costs related to GE Appliances
  8. 8. North American White Goods Market Quarterly comparison y-o-y -20% -15% -10% -5% 0% 5% 10% 15% 8 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 ELECTROLUX Q2 2016 PRESENTATION
  9. 9. Major Appliances Latin America • Weakening markets in the region – Weak macroeconomic situation in Brazil and in other Latin American countries – Demand for appliances declined in Brazil, Argentina and Chile – Negative impact from currency continued – Challenging earnings situation partly offset by cost actions and price increases – Actions to further mitigate the significant fall in volumes were taken 9 (SEKm) Q2 2016 Q2 2015 Change % Sales 3,659 4,476 -18.3 Organic growth -6.7% Currency -11.6% EBIT 69 107 -35.5 Margin % 1.9 2.4 -0.5 0 2 4 6 8 10 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 EBIT %, 12m rolling ELECTROLUX Q2 2016 PRESENTATION
  10. 10. Major Appliances Asia/Pacific • Positive earnings trend – Positive sales growth in Australia, New Zealand and East Asia – China volumes continued to be negative due to exit from unprofitable segments – EBIT and margins increased as a result of positive mix and cost efficiencies – Transition to the new refrigeration factory in Thailand is now completed – New products are being launched in several markets in the region 10 (SEKm) Q2 2016 Q2 2015 Change % Sales 2,407 2,576 -6.6 Organic growth -2.0% Acquired growth 0.0% Currency -4.6% EBIT 150 135 11.1 Margin 6.2 5.2 1.0 0 2 4 6 8 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 EBIT %, 12m rolling ELECTROLUX Q2 2016 PRESENTATION
  11. 11. Small Appliances • Repositioning of operations – Organic growth declined, primarily driven by repositioning in North America and China – Weak demand in Latin America – Positive price/mix development offset partly negative currency – Cost reduction program in progress and focus is on product portfolio management – EBIT higher versus last year due to positive regional mix and cost savings 11 (SEKm) Q2 2016 Q2 2015 Change % Sales 1,858 2,198 -15.5 Organic growth -12.3% Currency -3.2% EBIT 6 -4 n.m. Margin % 0.3 -0.2 0.5 0 2 4 6 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 EBIT* %, 12m rolling ELECTROLUX Q2 2016 PRESENTATION * EBIT excludes material profit and loss items
  12. 12. Professional Products • Stable earnings and margins – Positive organic and acquired growth – Volume growth in Western Europe, North America and Japan – Good performance in both Laundry and Food services – EBIT stable due to sales volumes and efficiency, including investments in new products and segments 12 (SEKm) Q2 2016 Q2 2015 Change % Sales 1,712 1,689 1.4 Organic growth 1.1% Acquired growth 1.4% Currency -1.1% EBIT 222 220 0.9 Margin % 13.0 13.0 0.0 0 2 4 6 8 10 12 14 16 Q114 Q214 Q314 Q414 Q115 Q215 Q315 Q415 Q116 Q216 EBIT %, 12m rolling ELECTROLUX Q2 2016 PRESENTATION
  13. 13. Financials Q2-16 Anna Ohlsson-Leijon, CFO
  14. 14. Financials SEKm Q2 2016 Q2 2015 Change Net Sales 29,983 31,355 -4% Organic -0.9% 7.0% - Gross operating income 6,347 5,878 8% Gross operating margin, % 21.2 18.7 - EBIT 1,564 921 70% EBIT margin, % 5.2 2.9 - Op. cash flow after investments 4,141 2,993 38% EPS 3.75 2.12 77% 14 ELECTROLUX Q2 2016 PRESENTATION
  15. 15. Sales and EBIT Bridge SEKm Q2 Net Cost Efficiency Currency* Acq Other** Q2 2016 Net Sales 31,355 -282 -1,114 24 29,983 Growth -0.9% -3.6% 0.1% -4.4% EBIT 921 176 761 -478 2 182 1,564 EBIT % 2.9% -62.4% 2.5% 5.2% Accretion 0.6% 2.5% -1.4% 0.0% 0.6% 15 ELECTROLUX Q2 2016 PRESENTATION * Currency includes SEK -53m of currency translation effect on EBIT. ** Other includes GE transaction costs + integration costs in Q2 2015
  16. 16. Cash Flow SEKm 2016 Q2 2015 Q2 EBIT 1,564 921 D/A and other non-cash items 1,143 1,122 Change in operating assets and liabilities 1,855 1,910 Investments (excl. acquisitions) -421 -960 Cash flow after investments 4,141 2,993 16 ELECTROLUX Q2 2016 PRESENTATION
  17. 17. Cash Flow, 2013-2016 Cash flow after investments by quarter 17 ELECTROLUX Q2 2016 PRESENTATION Cashflowafterinvestments Rolling12m 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 3,000 4,000 5,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2013 2014 2015 2016
  18. 18. Outlook and Summary Jonas Samuelson, President and CEO Anna Ohlsson-Leijon, CFO
  19. 19. Market outlook per region Region Q3 2016 FY 2016 Comments Western Europe Positive +2-4% Positive demand growth but with Brexit uncertainty Eastern Europe Slightly Positive +2-3% Growth in most markets Russia and Ukraine are stabilizing North America Positive +4-5% Continued favorable market Latin America Negative Negative Weak demand in Brazil, Argentina and Chile East Asia Positive Positive East Asia in general positive Australia Flat Flat Market is estimated to be flat/slightly negative 19 ELECTROLUX Q2 2016 PRESENTATION
  20. 20. Business outlook Electrolux Q3 2016 FY 2016 Comments Volume/Price/Mix Slightly positive Slightly positive EMEA: positive mix, negative price NA: Growing market, some price pressure Latam: positive price, negative volume and mix Asia/Pacific: positive price/mix Net cost efficiency incl. raw materials Positive Positive Continued efficiency gains Raw materials FY: SEK 750m, but impact slowing in Q4 Currency* SEK -125m SEK -1.1bn Slightly less negative impact in Latin America due to stronger Brazilian Real Capex Stable Stable FY: ≤ SEK 4bn 20 ELECTROLUX Q2 2016 PRESENTATION * Currency rates as per July 11, 2016
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  22. 22. Summary Q2 • Four of six business areas achieved an operating margin above 6% • Strong earnings in EMEA and in North America • Earnings in Latin America affected by deteriorating markets • Repositioning of operations in Small Appliances • Continued efficiency and cost savings • Strong cash flow generation 22 ELECTROLUX Q2 2016 PRESENTATION
  23. 23. Factors affecting forward-looking statements Factors affecting forward-looking statements This presentation contains “forward-looking” statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Such statements include, among others, the financial goals and targets of Electrolux for future periods and future business and financial plans. These statements are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially due to a variety of factors. These factors include, but may not be limited to the following: consumer demand and market conditions in the geographical areas and industries in which Electrolux operates, effects of currency fluctuations, competitive pressures to reduce prices, significant loss of business from major retailers, the success in developing new products and marketing initiatives, developments in product liability litigation, progress in achieving operational and capital efficiency goals, the success in identifying growth opportunities and acquisition candidates and the integration of these opportunities with existing businesses, progress in achieving structural and supply-chain reorganization goals. 23 ELECTROLUX Q2 2016 PRESENTATION

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